Legend for price level, , and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > Level
D1 and H4 are both showing the overall trend is still down with price holding below MA200.
However, in D1, price seems hold and currently rejected up from major D1 1.31883-1.32497.
In H1, currently price is forming a Rising slightly above major D1 .
Before news event of Canadian Core Retail Sales announced, price successfully break out 3 resistance levels (major down , MA200, and 1.32806-1.32979).
Since the news have bias for Canadian, USD/CAD is going down.
If price pull back to the lowerline of and rejected up, can consider to long the market to swing the consolidation range.
With Stop Loss 45 pips and Target Profit 115 pips, the potential trade offers 2.56 Reward-To-Risk Ratio.
Keep in alert if the downtrend continuation is going massive since the major trend is still down.